Flexible Spending Accounts

PROVIDED THROUGH INSPIRA

With a flexible spending account (FSA), you can set aside money on a pre-tax basis from your paycheck to cover qualifying healthcare (medical, dental and vision) or dependent day care expenses.

The IRS sets a maximum limit for contributing to an FSA.

You can contribute up to $3,400 in a Healthcare FSA and up to $7,500 in a Dependent Care FSA (or $3,750 if married filing separately).

BENEFITS O F AN FSA

PRE-TAX SAVINGS - The dollars you contribute to an FSA are added pre-tax. For example, if you contribute $2,500 to an FSA during a plan year and pay a tax rate of 30%, you’d save $750.
FUNDS AVAILABLE RIGHT AWAY - All of your Medical FSA funds are available on the first day of the plan year. Dependent Care FSA funds are available for use as they accrue per pay period.

HEALTH CARE FSA

You can use your Health Care FSA to pay for eligible expenses not covered by your medical, dental, and vision insurance plans. The amount you set aside into an FSA must be used by the end of the calendar year, so it’s important to carefully plan for the estimated annual health expenses prior to enrollment. You can use your Healthcare FSA to cover expenses for your spouse, dependents and adult children (through age 26).

Note: If you’re enrolled in a Health Savings Account (HSA), you’re not eligible for a Health Care FSA.

DEPENDENT CARE FSA

A Dependent Care FSA allows you to put money aside for dependent care for children up to age 13, a disabled dependent of any age or a disabled spouse. To be eligible for a Dependent Care FSA, you and your spouse (if applicable) must work, be looking for work or be fulltime students.

Examples of eligible expenses include preschool and after-school care, daycare providers, and summer day camps.

USE IT OR LOSE IT

The most important step to have success with your FSA is planning ahead. The IRS has a “Use or Lose” rule in place for FSAs so the funds not spent by the end of a plan year are at risk of being forfeited.

THE BENEFITS DEBIT CARD

You’ll receive two cards when you enroll, and you can request additional cards for your spouse and dependents 18 years or older —for free through your online account.

WAYS TO GET REIMBURSED

You can submit documentation within minutes using the Inspira App. This is the quickest and easiest method for filing claims and submitting documentation for your FSA purchases because it lets you use your phone’s camera to take pictures of documentation and upload it on the spot.

You can also submit documentation through your online account or via fax or mail.

GO MOBILE WITH YOUR FSA

To make managing your FSA as simple as possible, be sure to download the Inspira FSA App.

Flexible Spending Accounts